Business
MedX Health Corp Reports Third Quarter 2009 Financial Results
MedX Health Corp Reports Third Quarter 2009 Financial Results
About this update from Medx Health Corp.
[{"type":"text","content":"\n\n\n\nNov. 30, 2009 (Canada NewsWire Group) -- MISSISSAUGA, ON, Nov. 30 /CNW/ -- MedX Health Corp., (TSXV.MDX) a global leader in drug free, non-invasive low level laser and light therapy for tissue repair and pain relief, today announced its results for the quarter ended September 30, 2009. Additionally, Bill Ford, Chief Financial Officer left the company to pursue other opportunities. The company is interviewing replacement Chief Financial Officer candidates.Revenue for the quarter ended September 30, 2009 was $82,594, a 75.4% decrease over the same period in 2008 where revenue was $335,567. Revenue for the 9 month period ending September 30, 2009 was $540,794, a 39.3% decline from the 9 month period in the prior year. Standard gross margins on sales were consistent with previous quarters, but they were unfavorably impacted by high unabsorbed overhead and labour variances due to extremely low production volumes in the quarter. MedX incurred a loss from continuing operations for the quarter of $379,026 or $0.01 per share compared to a loss of $651,026 or $0.03 per share for the same period in the prior year. The loss for the 9 month period was $1,391,455 in 2009 compared to loss for the 9 month period last year of $2,165,415.\"MedX had a difficult third quarter with a substantial decline in revenue over the same period last year. This quarter's results reflect the temporary drop in sales due to the recovering worldwide economy, as well as our new distributors internationally registering products and ordering demonstration equipment, while our key partner in the North American market, Rich-Mar, is busy preparing for the launch of our integrated technology into their existing products,\" said Steven Guillen, chief executive officer and president of MedX Health. \"These new partnerships will begin to generate revenue in the final quarter of 2009 and increasingly so in 2010.\"Third Quarter Company Highlights:- Dissolved partnership with Techology4Medicine, a U.S. based dentaldistributorship which did not meet sales targets.- Bill Ford, Chief Financial Officer, left the company to pursue otheropportunities. The company is interviewing replacement ChiefFinancial Officer candidates.-------------------------------------------------------------------------Canadian $ Q3 2009 Q3 2008------------------------------------------------------...